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AUSSIE: AUD/USD trades flat at $0.6787, following a very subdued Asia-Pacific
session. The rate was stuck within a 10 pip range, with the topside limited by
$0.6795. Worth noting that there is A$1.5bn worth of options with strikes at
$0.6785-95 due to expire at the 10:00ET NY cut.
- This leaves us with a familiar technical picture. Above the aforementioned
$0.6795 level would open up the 50-DMA at $0.6811 and the 100-DMA, which
intersects a further 21 pips above. Bears look for a break under the 61.8%
retracement of the Oct rally at $0.6770, also the low of Nov 14. This would
clear the way to the Oct 17 trough at $0.6752.
- Looking into the local data, CBA published their flash PMI surveys for
November. All three indices slipped into contractionary territory, having
previously been at or just above the breakeven 50.0 level.
- Australian focus next week turns to construction work done, capex and private
sector credit data, due on Wednesday, Thursday and Friday respectively. RBA Gov
Lowe and Dep Gov Debelle both speak on Tuesday.
MNI London Bureau | +44 203-865-3806 |